Real Prop Trader Interview
Table of Contents
Learn how this funded prop trader successfully won funding on our Advanced Trader funded trading program. She now has a live account and we look forward to her having a long and successful career as a prop trader with Funded Trading Plus. This trader lives in Ontario in Canada.
Prop Trader Statistics
Advanced Trader Program Phase 1
Start Date: 17 December 2021
Days to Complete: 27
Win rate: 80.83%
Christmas followed shortly after this trader started the evaluation and because there is no time limit on our programs and no monthly fees, the trader was able to take Christmas off and really started to trade in the new year. The number of trading days she traded to pass this evaluation was just 10 days.
We can see from the chart in the first few days the account did draw down a reasonable bit, but she did manage her positions and then was able to trade very effectively for 5 days of continuous profits, clearing nearly $14,000 in profit to pass phase 1.
High Win Rate
With nearly 81% win rate, this trader on initial analysis looks very good with a win rate this high, but trading is not just about win rate. Win rate goes hand in hand with win loss ratio. If your losing trades are significantly bigger than your winners, it’s difficult to make money. Winning 99 trades at $1 each and losing one trade at $100 has a 99% win rate on an account that has lost money. That’s not the case with this trader as the equity curve shows however her average losing trade is nearly 3 times the size of her winning trades. She does however show that these statistics can work, proving it by turning a $100,000 account into $110,000 in no more than 7 trading sessions.
Advanced Trader Program Phase 2
Start Date: 14 January 2021
Days to Complete: 6
Win rate: 84.38%
Although she had the Phase 2 live for 6 days she passed this stage in just 3 days of trading. Again the win rate was very high at 84.38%. In the 3 days of this phase she executed 128 trades. And once again the loss versus win size was low, her losing trades were 4 times bigger than her losing trades.
Effective Trade Management
We can see from her trading history that she does manage her trading and is prepared to close losing trades. She did not continuously trade the market in one direction and was prepared to trade both long and short positions.
She primarily traded index markets, the Nasdaq, the S&P500 (SPX) and the Dow Jones DJ30.
In our interview with the trader she told us more about herself and the type of trading she does. We think her answers to our questions may be helpful to aspiring prop traders who also want to get funded.
What other funded trading providers have you previously traded with?
I’ve traded with Apex Funding, Leeloo and Earn to Trade.
Why did you pick Funded Trading Plus?
Generous rules and great customer service. You can hold your positions overnight, this is sometimes good because you can protect your losing trades. I have seen a 2000 losing trade turning green into a profit of 1000, of course considering the risk management plan too.
How long have you been trading and how long did it take you to become successful?
Well, I have been trading for the last 3 years. Of course, the first year was really bad but as we learn from mistakes and I am glad that from these mistakes, I improved my trading strategies and learnt how to be patient. I studied many strategies and then practiced on a demo account. I switched to trading my own capital once I showed consistent profit in the demo account. I used to keep a log of all my trades and then analyze them. I was a full time IT professional and was working for a Pension Plan. I was earning great but I was not able to spend time with my kids and I always felt it. Once I switched to trading I quit my job. I work as a full time trader now.
How would you describe yourself as a trader?
It depends on the market behavior. Sometimes I am short term and sometimes I take swing trades. Honestly, I do not like holding my positions for a long time but sometimes I do to just protect the trade.
Why did you start trading and what are your future goals?
I wanted to do something which provides me flexibility so that I can take care of my kids. Trading allows you to work from home.
What has been your worst trading experience?
The first year of trading.
What is the main strategy that you use?
Mainly I use volume profile strategy. I also look at the market trend and do scalping sometimes. I observe areas where sellers and buyers took effort to break down either side and those levels become support and resistance areas. These areas usually become my buy and sell areas.
Do you keep a trade log?
I used to do it but now I am not doing it. I will start again. Of course, It has helped me various times identifying support and resistance levels. I believe in first touch only whether it is a support or resistance. I may take a second chance but obviously won’t blindly enter.
Can you describe a typical trading day?
Well!! My day starts by looking at the calendar first. I look at the news calendar and major stocks. Then I look at what was the high, low for the Globex session and how did it do. I use NinjaTrader charts to identify my levels. I have customized charts and I usually look at 5 and 15 minute charts. I follow the news very closely because they can move the market up or down drastically.
What advice would you give an aspiring trader?
Please learn trading before jumping into the market. Study technical charts and apply your strategies on paper trading first. Observe your trades, Write it down why trade was successful, Why the trade failed etc. Once you show consistency then risk your capital and don’t risk what you cannot afford. Always have a good risk management plan. It is a very good idea to get out in a stop loss because then you enter back and cover your loss. If you keep holding them sometimes it can lead to bigger losses. Don’t use too many lots to just make money or pass the evaluation. I have learnt one thing from my first year and that was : Don’t chase the trade, let the trade come to you.
What are your top 3 tips for passing funded trading tests?
1. Be patient, do not just enter blindly, wait for your level. This is coming from my own experience.
2. Always have a good plan and follow it, especially a risk management plan.
3. Don’t use all the leverage to just pass the test and also when get funded – gradually increase your profits. I believe taking small steps can lead to bigger profits.
We are delighted to welcome this trader to our live trading team. We are funding this trader with real money in the real market and we hope she continues to show good success and we believe she can become a very profitable prop trader with Funded Trading Plus.
Further Learning Links
Please comment on this post. Could you get such a high win rate and keep your average $ win and average $ loss good enough to win funding?